George Osborne has set to change the rules to stamp duty immediately, as the new charges will be enforced from this evening.

Osborne says the differences to stamp duty "replace a badly designed system which has distorted our market for decades", which will "reduce stamp taxes for 98% people who pay them in this country". As an advantage over Labour, the top tax increase will not require a revaluation of houses as the Labour mansion tax will do.

Jamie explains what impact the progressive tax will have and how it works.

We also hear what other impacts the statement will have and why wages are predicted to rise about inflation for the next five years. The positive news, which has largely been welcomed, will make a "huge difference to us all" says Jamie.